FuelCell Energy Enters into Power Purchase Agreement for 14.8 MW Fuel Cell Project in Derby, CT
November 01 2018 - 8:47AM
FuelCell Energy, Inc. (Nasdaq: FCEL), a global leader in
delivering clean, innovative and affordable fuel cell solutions for
the supply, recovery and storage of energy, today announced the
signing of long-term power purchase agreements (“PPA”) with the
local distribution utilities. The PPAs will cover a 14.8
megawatt fuel cell project in the town of Derby that was one of the
projects awarded in June 2018 by the Connecticut Department of
Energy and Environmental Protection (“DEEP”) in a competitive
solicitation.
“I am delighted to see this project continuing to move forward
through the process,” said House Republican Leader Themis Klarides
(R-114). “Once developed and placed into operation, it will greatly
improve resiliency in the area and generate much needed tax
revenue. This is a win-win for Derby.”
The fuel cell project will provide infrastructure investment in
the Derby area, which is expected to drive local economic
development and environmental improvement through state sales tax
and the local property taxes generated, as well as create and
maintain high-tech manufacturing and construction jobs in
Connecticut.
“We are excited to move forward with our 14.8 megawatt Derby
project awarded by the CT Department of Energy and Environmental
Protection,” said Chip Bottone, President and Chief Executive
Officer of FuelCell Energy, Inc. “This project represents all
of the positive energy, environment and economic policy goals that
the state of Connecticut needs to achieve at a competitive price
using in-state high tech advanced manufacturing that will provide
clean power, GHG reductions, grid resiliency and reliability and
smart, compact land use.”
The PPA agreements have been forwarded to the Connecticut Public
Utilities Regulatory Authority (“PURA”) for final
authorization.
The fuel cell power plant will be developed on a vacant parcel
located in a mixed industrial, commercial and residential area
north of Lake Housatonic. The highly efficient fuel cells will
deliver competitively priced, Class I Renewable Energy in a compact
footprint by remediating and repurposing a municipal brownfield in
the city of Derby.
The project will employ the latest configuration of SureSource™
fuel cell technology with electrical efficiency approaching 60%.
SureSource™ power plants solve energy, environmental and
business-related power generation challenges by providing
ultra-clean, efficient and reliable distributed power
generation. The fuel cells combine a fuel such as renewable
biogas, directed biogas or clean natural gas with oxygen from the
ambient air to efficiently produce ultra-clean electricity and
usable high quality heat via an electrochemical process. Customers
benefit with operating cost reductions delivered in a manner that
supports sustainability goals and enhances power reliability.
With high availability and capacity factors, fuel cell power plants
make meaningful contributions to Renewable Portfolio Standard
targets.
Forward Looking Statement This news
release contains forward-looking statements within the meaning of
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995, including, without limitation, statements with
respect to the Company’s anticipated financial results and
statements regarding the Company’s plans and expectations regarding
the continuing development, commercialization and financing of its
fuel cell technology and business plans. All forward-looking
statements are subject to risks and uncertainties that could cause
actual results to differ materially from those projected. Factors
that could cause such a difference include, without limitation,
changes to projected deliveries and order flow, changes to
production rate and product costs, general risks associated with
product development, manufacturing, changes in the regulatory
environment, customer strategies, unanticipated manufacturing
issues that impact power plant performance, changes in critical
accounting policies, potential volatility of energy prices, rapid
technological change, competition, and the Company’s ability to
achieve its sales plans and cost reduction targets, as well as
other risks set forth in the Company’s filings with the Securities
and Exchange Commission. The forward-looking statements contained
herein speak only as of the date of this press release. The Company
expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any such statement to reflect
any change in the Company’s expectations or any change in events,
conditions or circumstances on which any such statement is
based.
About FuelCell EnergyFuelCell Energy, Inc.
(NASDAQ: FCEL) delivers efficient, affordable and clean solutions
for the supply, recovery and storage of energy. We design,
manufacture, undertake project development of, install, operate and
maintain megawatt-scale fuel cell systems, serving utilities and
industrial and large municipal power users with solutions that
include both utility-scale and on-site power generation, carbon
capture, local hydrogen production for transportation and industry,
and long duration energy storage. With SureSource™
installations on three continents and millions of megawatt hours of
ultra-clean power produced, FuelCell Energy is a global leader in
designing, manufacturing, installing, operating and
maintaining environmentally responsible fuel cell power
solutions. Visit us online at www.fuelcellenergy.com and
follow us on Twitter @FuelCell_Energy.
SureSource, SureSource 1500, SureSource 3000, SureSource 4000,
SureSource Recovery, SureSource Capture, SureSource Hydrogen,
SureSource Storage, SureSource Service, SureSource Capital,
FuelCell Energy, and FuelCell Energy logo are all trademarks of
FuelCell Energy, Inc.
Contact:FuelCell
Energy203.205.2491ir@fce.com
Source: FuelCell Energy
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